5 Tips on How to Make your Barter Experience Positive
Trading is a type of transaction that’s been around for centuries. With modern technology, the process has become more streamlined and accessible than ever. Is your business looking to barter? Maybe you’ve traded with other companies in the past, but your experience hasn’t been the greatest. You know the advantages that bartering has to offer - it lets you offload unused inventory, supplement your revenue, and create more sales. But how do you get the most out of bartering and ensure that it will be a positive transaction for your business? We’ve compiled some tips that will improve your bartering experience:
- Build a professional relationship. The process of bartering builds relationships between businesses. It’s up to you whether that relationship is positive or negative. The transaction between your business and another doesn’t have to be point-blank. Try to communicate with them and learn more about their company, their products, and how they operate. It will leave a good impression and improve the trading process. By communicating openly with bartering partners, you’ll demonstrate the values of your company, which can improve your reputation.
- Be honest. The system of bartering is dependent on trust. If you aren’t being honest about your services, word will get out, which will ultimately harm your business. Have conversations that are transparent and clear about what your company has to offer. Describe in detail what your services are so that businesses have an accurate idea of what they’ll receive in a trade. After your transaction, you can ask the other party what they thought about your goods or services. Is there any feedback they could give you? Opening an honest dialogue about your transaction will benefit both companies involved. It will also make other businesses more likely to trade with you again in the future.
- Value your goods or services accurately. Many companies try to “game” the bartering system by over-valuing their goods and looking for brands that under-value theirs. This won’t lead to a successful bartering interaction; it will do the opposite and may result in negative online reviews. It is always better for your business if you don’t misrepresent what you are offering. Some businesses provide poorer service to those that they barter with - they figure that because they aren’t exchanging “real” money, it doesn’t matter as much. Think again: this practice will soon harm your reputation and rob you of the opportunity to gain potential returning customers. By ensuring that your trading partner has the best experience with your company, you may generate additional leads through word-of-mouth referrals.
- Use a bartering network. One-off bartering exchanges can be convenient. If you have extra vegetables in your garden, and your neighbour has a jar of homemade jam, you can barter these items for a quick and easy trade. But for a long-term trading platform, you’ll need to join a bartering network. These websites make it easy to connect with other businesses. They also provide a means to advertise your goods and services. Some companies may have wanted to try your services in the past but were unable to justify the price point. With bartering, you’ll get new customers that you wouldn’t have otherwise, and who knows? Once they see what you have to offer, they might be back for more.
- Give feedback. Many start-up businesses decide to barter to supplement their revenue; they don’t have many reviews or clients yet. If you barter with a company like this, they will greatly appreciate it if you give them feedback about their services. It can do a lot to boost their business, while also giving yours a nice reputation. Showing that you care about their company will leave a lasting impression in their mind. The business that you barter with will be more likely to recommend you if you do something like leave them a good review or provide valuable feedback.
Bartering can be a great service for your business; it will help you make use of additional inventory and build your company’s reputation. If you’re looking for B2B barter in Manitoba, contact MK Global Trade. We’re a local bartering network with hundreds of companies. Join our membership program to gain access to our directory, advertise your company, and start connecting with other businesses. If you’re interested in learning more about bartering, call us today or visit our website.